Construction Industry News

ABB wins US$ 45 mn substation contract from Dubai Hills Estate

ABB wins US$ 45 mn substation contract from Dubai Hills Estate

18th October 2017

ABB, a pioneering technology leader in electrification products, has won an order worth around $45 million from Dubai Hills Estate, a joint venture between Emaar Properties and Meraas Holding, to construct a substation that will boost distribution capacity and feed power to a new integrated lifestyle project being constructed in Dubai.[..]

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Deyaar revenues for Q3 2017 surged 96%

Deyaar revenues for Q3 2017 surged 96%

18th October 2017

Deyaar Development, a leading property developer in the UAE, said its revenue for the third quarter in 2017 surged 96 per cent to Dh512 million ($139 million) over Dh261 million for the same period last year.[..]

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New supply adds pressure to Dubai’s rental rates says Asteco Q3 Dubai report

New supply adds pressure to Dubai’s rental rates says Asteco Q3 Dubai report

17th October 2017

  • Apartment rental rates down 4% in Q3, with sales flat, however y-o-y rental declines reached 12% and sales 4%.
  • Incentives and post-completion payment plans have opened the market for buyers
  • Office prices and rental rates stagnated due to oversupply and limited demand, with more declines forecast.

The Q3 Dubai Real Estate Report from leading real estate consultancy Asteco has highlighted no movement in apartment sales prices q-on-q, the y-on-y figures however showed a more pronounced decline, averaging 4%, with Business Bay and Dubai Marina both posting an 8% drop, followed by Dubai Sports City, International City and Jumeirah Village, each recording a fall of 7%. Only The Greens and DIFC remained on par with Q3 2016.  [..]

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